New Delhi, Nov. 13 -- The Supreme Court on Thursday reserved its verdict on how spectrum held by Aircel and Reliance Communications (RCom) will be treated under their insolvency proceedings. It concluded its hearing after listening to arguments by advocates representing Aircel, the resolution professional (RP) of Reliance Telecom Limited, a subsidiary of RCom, the lender State Bank of India (SBI), and the government.

The court was hearing a batch of petitions filed by SBI and the two insolvent telcos that challenged the National Company Law Appellate Tribunal's (NCLAT's) 2021 order which held that spectrum could be transferred or sold under an insolvency resolution plan only after all government dues were cleared.

At the core of the dis...